STOCKHOLM, September 2. /TASS/. The Swedish appliance manufacturer Electrolux has decided to leave the Russian market and transfer business to local management, the company announced in a press release on Friday.
"Electrolux has now decided to exit Russia and divest the business to local management through a sale of its Russian subsidiary. A capital loss of approximately 350 mln Swedish kronor (about $35 mln) will be recorded as a non-recurring item affecting the operating income for Business Area Europe in the third quarter 2022," the company said.
The company expects that the decision to divest the Russian business to local management will "enable a responsible and controlled exit."
"The divested company will continue to service appliances previously sold by Electrolux in Russia. Electrolux has no production in Russia and will not supply any appliances to the divested company," the press release said.
In 2021, sales of Electrolux in Russia accounted for 4% of total sales in Europe and 1.6% sales in the world.